Demonetization is a process where the current currency loses its status. The recent demonetization that took place India on 8th November 2016 was a change that brought drastic changes in all the sectors on a global level.
The launch of new 2000 and 500 rupee notes caused a real chaos in the minds of the public and in the business market. The idea behind this step was to remove black money once and for all, and to expose whoever had this black money hidden with them.
The situation that occurred in the company were extreme. Daily there would be a long queue of public depositing their old 1000 and 500 rupee notes in exchange of the new ones. There were problems when money was not available in the bank and people who have been standing in line for the whole have been disappointed. (more…)